• Affirm held fiscal Q3 2026 earnings call on May 7 with Founder and CEO Max Levchin, CFO Rob O’Hare, COO Michael Linford, Head of Investor Relations Zane Keller; analysts included Wells Fargo, Deutsche Bank, Citi, TD Cowen, Cantor Fitzgerald, Rothschild & Co Redburn, Autonomous Research, Mizuho, RBC, BMO, Bank of America, Wolfe Research, J.P. Morgan, Morgan Stanley, Citizens, Baird, Needham, Susquehanna, Jefferies, Seaport Research.
• Management flagged stable credit performance, with Levchin saying Affirm consumer shows no deterioration; Linford described funding markets as “exceptionally constructive,” citing sustained spread tightening, oversubscribed deals, forward-flow partners seeking larger allocations.
• Linford pointed to three ABS deals executed this year, including two revolving transactions in quarter, with a static deal priced but not yet closed; he said funding costs fell about 125 basis points year over year due to lower benchmark rates plus tighter spreads.
• O’Hare said Pay-in-X growth should continue into fiscal Q4, helped by a large program shifting to an evergreen 0% Pay-in-4 offer; he also said Pay-in-4 and Pay-in-X volume remains led by Shopify.
• Levchin said Affirm is not planning AI-related layoffs; O’Hare put AI developer-tool spend at low single-digit millions per quarter, while Levchin said productivity gains are “unequivocally accretive” with additional internal controls to prevent errors.

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